Available Opportunities for Current Home Owners

Posted by on Tuesday, July 12th, 2011 at 2:30pm.

Right now is a great time to purchase a new home. If there was one good thing that came from the economic downturn several years ago, it’s that house prices have dropped significantly and opened up the market to people who couldn’t previously afford to buy homes. While this is great news for people who have the means to buy a home now at the new, lowered prices and dramatically lower interest rates, what about the people and families that saved and spent much more on their homes when prices were at an all time high? How can they benefit from the changes in the mortgage and housing markets?

People who purchased homes several years ago when housing costs were at an all-time high may be feeling like they bought at the wrong time. Prices were inflated, interest rates were off the charts, and years of saving were required to meet down payment requirements as high as 20%. Since the economic crash, housing prices have plummeted, interest rates have been slashed, and lenders and banks are selling properties with no down payment required. People who purchased a home years ago may still have home loans and mortgages that are locked in at very high rates. These people now have several options that can save them significant amounts of money on their mortgages. One of the fastest and easiest ways to save money on their loans is to refinance with an FHA Streamline Refinance.

An FHA Streamline Refinance is a loan refinance that “streamlines” the process. Home owners can refinance their loans very quickly and still receive the same interest rates that new home buyers receive. This process saves both the home owner and lender time, money, and hassle on paperwork. The documents from the original home loan can be used, which eliminates needless hassle on paperwork. Different lenders can offer different rates on streamline refinances, so even if your original lender can’t get you the best interest rate, you can still use your original paperwork with a different lender, which will save you huge amounts of time on your refinance.

The best thing to do if you own a home is to start shopping around and finding the best rates on an FHA Streamline Refinance. This will save you time and potentially thousands of dollars over the life of your home loan.

About the author: Jessica Gingham is located in Seattle and specializes in Streamline Refinance.

10 Responses to "Available Opportunities for Current Home Owners"

James Vasquez wrote: Great short little guest post. I hear through the various channels that the FHA streamline refinance has a lot of positives to it. Hey Tina, I'd like to do a guest post or two on your blog sometime in the near future. Will you allow me to do so?

Posted on Tuesday, July 12th, 2011 at 11:22pm.

John Evan Miller wrote: This is a great article that definitely provides incredible information on this FHA refinancing option. It is great to see guests posting helpful information here.

Posted on Friday, July 15th, 2011 at 4:25pm.

Travis Vayssie wrote: A streamline mortgage is a great option for a first time home buyer. Great rates, a small down payment and low closing cost. My first home was a FHA Streamline and I couldn't be happier.

Posted on Wednesday, July 27th, 2011 at 9:48am.

Scarlett Neal wrote: That is very useful information for FHA mortgage holders. Good news for new buyers also.

Posted on Wednesday, July 27th, 2011 at 9:48am.

Kristina wrote: It is true. There's no better time to invest on real estate but today when economy provides the opportunity to invest at low prices and low mortgage rates for borrowers. The FHA Streamline Refinance info is very helpful.

Posted on Thursday, July 28th, 2011 at 7:02am.

Salt Lake Homes wrote: Another good news for all new home buyers in the market. This article provides a wide information about what's going on in FHA streamline refinancing aspects in the real estate market.

Posted on Thursday, July 28th, 2011 at 7:02am.

Kevin wrote: What do you think it will take for the market to start heading in the right direction again?

Posted on Friday, July 29th, 2011 at 9:39am.

solar homes wrote: There's good and bad in everything and this housing market is no exception. I have several friends who have been foreclosed upon and then several more who have been living in apartments and now have moved into homes since the prices are so cheap now.

Posted on Wednesday, August 3rd, 2011 at 7:16am.

Rich Cederberg wrote: I think rates are even lower now than when this post was originally written. It is indeed a great time to buy or try a FHA streamline refinance.

Posted on Sunday, August 21st, 2011 at 9:18pm.

James Vasquez wrote: Does anyone know how long a home owner has to wait until doing another streamline refinance to lower their rate? Just curious.

Posted on Wednesday, November 23rd, 2011 at 6:56am.

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